The Issue

While there is no particular group of headlines inspiring this post on the economics profession, the continuing pandemic showcases economists and their models. Even the models used to predict cases and deaths use econometric methods. (Read about those models here.) Think of all the disruptions to the economy caused by the pandemic and the forecasts of their impact that have been in the news since the start.  Economists are doing that work too.

Studying economics in high school may not ignite a spark in students to become economists no matter how wonderful the teacher might be.  But if students knew how varied the work done by economists can be, far beyond the “micro” and “macro” concepts they learn, perhaps we could get them to be more interested.

The American Economic Association (AEA) put together a video that illustrates the variety of careers that are possible with economics. (There is also a Spanish version of this video). If students are interested in how much economists earn, check out this salary data also found on the AEA career website.

Where do economists work? They work at government agencies as diverse as the CIA, BLS, and EPA. They work at commercial and investment banks, as well as central banks.   Most large corporations have their own economists. Then you have all of the consulting firms, and think tanks. There are plenty of economists that work in the non-profit arena and for NGOs. And of course, many economists enter academia.

What are some examples of the areas of specialization within economics? The table below gives some examples, with links to websites of organizations or journals targeting that specialty. The National Bureau of Economic Research (NBER) has divisions devoted to research in many of these areas.

Can't commit to a PhD? Starting out with a major in economics can set someone up very well for a wide variety of jobs and careers. Students may think a business degree would set them up well for a job after graduation, but an economics degree is even more flexible. Here is a good list of the types of jobs for economics majors.

Quick Lesson Outline

1) Watch the AEA video.

2) Choose an area of specialization from the table, and starting with the link, look more closely at the topics economists in that area are studying. Choose one that interests you and explain why.

3) Check the JOE listings for job openings in that classification (notice how many more classifications are listed here than in the table.)

4) Research how much an economist (in that specialty) might earn on the AEA website.

EconExtra is a series of posts that go beyond the textbook, relating current events and recent developments in economics to content standards, and providing resource suggestions to help you incorporate the current events into your lessons.

About the Author

Beth Tallman

Beth Tallman entered the working world armed with an MBA in finance and thoroughly enjoyed her first career working in manufacturing and telecommunications, including a stint overseas. She took advantage of an involuntary separation to try teaching high school math, something she had always dreamed of doing. When fate stepped in once again, Beth jumped on the opportunity to combine her passion for numbers, money, and education to develop curriculum and teach personal finance at Oberlin College. Beth now spends her time writing on personal finance and financial education, conducts student workshops, and develops finance curricula and educational content. She is also the Treasurer of Ohio Jump$tart Coalition for Personal Financial Literacy.

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